Australian oil and gas company Woodside has completed the acquisition of half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, offshore Western Australia.
Woodside entered a binding sales and purchase agreement with BHP Billiton in September. All necessary approvals have been secured.
The acquisition has been completed at the purchase price of $250m and a contingent payment of $150m, which will be payable after the positive final investment decision to develop the Scarborough field. The deal’s effective date is 1 July.
Under the sales and purchase agreements, Woodside has bought a 25% interest in WA-1-R and 50% interest in WA-61-R, WA-62-R and WA-63-R.
Woodside will operate WA-61-R, WA-62-R and WA-63-R, while WA-1-R will be operated by ExxonMobi.
The Scarborough area assets comprise Scarborough, Thebe and Jupiter gas fields. Assets are estimated to contain gross 8.7 trillion cubic feet of dry gas resources at the 2C confidence level.
After completion of this acquisition, Woodside’s Best Estimate Contingent Resources (2C) will improve by 462Mboe.